Freenome, a Bay Area biotech that is part of the increasingly competitive race to accurately detect cancer early through blood-based tests, announced Friday that it plans to go public to advance the development of tests that can spot individual cancers and several cancers at once.
The company will hit the public markets by merging with Perceptive Capital Solutions Corp, a special purpose acquisition company, or SPAC, in a $330 million deal that includes a $240 million investment from a group of private health care investors such as Perceptive Advisors, RA Capital, and ADAR1 Capital Management. Freenome expects the transaction to be completed by the first half of 2026, the company said in a press release, at which point its stock will trade on the Nasdaq under the ticker FRNM.
“Freenome is entering the public markets at an inflection point for our company and for blood-based cancer screening,” said CEO Aaron Elliott in the release. “Our technology has been clinically validated through our pivotal PREEMPT CRC study and recent JAMA manuscript. We have secured the commercialization partnerships needed to support the expected launch of multiple tests in 2026.”
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